Local cryptocurrency could soon be used in Japanese regions

Two Japanese companies have been cooperating for two years on local cryptocurrency and now are launching a trial of a local digital coin. Mitsubishi Research Institute and Kintetsu Shimakaze railway company introduced a new regional digital currency for use in Mie Prefecture - a famous tourist area.

The newly introduced cryptocurrency will be available for use from November 11 to January 31 of 2020. As part of the limited trial, only 15 establishments will accept the coin. To use the electronic currency, one must download an app called “Kintetsu Shimakaze Coin” and buy coins through it. Moreover, the app will allow the coin transfers between individuals.

This local cryptocurrency is a stablecoin pegged to Japanese yen. Users can top up, paying a 10% premium, up to 100,000 yen at express ticket counters in the Ise-Shima area and settle at facilities such as Shima Village or Shima Kanko Hotel in Shima City.

Two entities conducting an experiment have been working on joint crypto projects for two years. In 2017, they were testing a payment system based on blockchain technology. In 2018, the companies were trying out the QR code technology and person-to-person transfers. This year, Mitsubishi Research Institute and Kintetsu Shimakaze are focusing on local digital coins.

Although the particular token is temporary and was created just for the testing period, the railway company Kintetsu Shimakaze has ambitious plans for cryptocurrency. It wants to develop a permanent digital coin for use along its railways.

If you want to become a participant of the trial – hurry up. The coin will be destroyed upon the completion of testing and no refund is entailed.

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